Groupama Asset Managment Sells 8,106 Shares of Best Buy Co., Inc. $BBY

Groupama Asset Managment decreased its position in Best Buy Co., Inc. (NYSE:BBY) by 39.9% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 12,194 shares of the technology retailer’s stock after selling 8,106 shares during the quarter. Groupama Asset Managment’s holdings in Best Buy were worth $922,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. AQR Capital Management LLC lifted its position in shares of Best Buy by 99.8% during the third quarter. AQR Capital Management LLC now owns 6,997,871 shares of the technology retailer’s stock valued at $525,120,000 after purchasing an additional 3,496,254 shares in the last quarter. Norges Bank bought a new stake in Best Buy in the 2nd quarter worth about $171,851,000. Pacer Advisors Inc. increased its stake in Best Buy by 61.9% in the 3rd quarter. Pacer Advisors Inc. now owns 1,998,886 shares of the technology retailer’s stock valued at $151,156,000 after buying an additional 764,064 shares during the last quarter. Balyasny Asset Management L.P. purchased a new stake in Best Buy in the 3rd quarter valued at about $55,475,000. Finally, Jacobs Levy Equity Management Inc. lifted its position in shares of Best Buy by 2,683.4% during the 3rd quarter. Jacobs Levy Equity Management Inc. now owns 692,687 shares of the technology retailer’s stock worth $52,381,000 after buying an additional 667,801 shares in the last quarter. Hedge funds and other institutional investors own 80.96% of the company’s stock.

Best Buy Stock Performance

NYSE:BBY opened at $62.74 on Friday. The business’s fifty day moving average is $65.49 and its 200 day moving average is $72.06. The firm has a market cap of $13.12 billion, a price-to-earnings ratio of 12.45, a PEG ratio of 1.58 and a beta of 1.46. The company has a debt-to-equity ratio of 0.39, a quick ratio of 0.43 and a current ratio of 1.11. Best Buy Co., Inc. has a 52-week low of $54.99 and a 52-week high of $84.99.

Best Buy (NYSE:BBY) last issued its earnings results on Tuesday, March 3rd. The technology retailer reported $2.61 EPS for the quarter, topping the consensus estimate of $2.48 by $0.13. The business had revenue of $13.81 billion during the quarter, compared to the consensus estimate of $13.96 billion. Best Buy had a return on equity of 49.17% and a net margin of 2.56%.The firm’s revenue was down 1.0% compared to the same quarter last year. During the same quarter last year, the company earned $2.58 EPS. Best Buy has set its FY 2027 guidance at 6.300-6.600 EPS. Research analysts predict that Best Buy Co., Inc. will post 6.18 EPS for the current year.

Best Buy Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, April 14th. Investors of record on Tuesday, March 24th will be paid a dividend of $0.96 per share. This is an increase from Best Buy’s previous quarterly dividend of $0.95. This represents a $3.84 annualized dividend and a yield of 6.1%. The ex-dividend date of this dividend is Tuesday, March 24th. Best Buy’s dividend payout ratio is presently 76.19%.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on BBY. Loop Capital boosted their target price on Best Buy from $80.00 to $85.00 and gave the stock a “buy” rating in a research note on Tuesday, November 25th. The Goldman Sachs Group dropped their price target on Best Buy from $93.00 to $76.00 and set a “buy” rating on the stock in a report on Wednesday, March 4th. Telsey Advisory Group cut their price objective on Best Buy from $95.00 to $80.00 and set an “outperform” rating on the stock in a research report on Wednesday, March 4th. Wedbush reduced their price objective on Best Buy from $80.00 to $70.00 and set a “neutral” rating for the company in a research note on Tuesday, February 24th. Finally, Citigroup lifted their target price on Best Buy from $67.00 to $69.00 and gave the stock a “neutral” rating in a research note on Wednesday, March 4th. Nine analysts have rated the stock with a Buy rating, twelve have issued a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of “Hold” and a consensus price target of $76.20.

About Best Buy

Best Buy Co, Inc is a leading North American consumer electronics retailer that sells a broad range of products including computers, mobile phones, televisions and home theater systems, major appliances, smart-home devices, gaming hardware and software, wearables and related accessories. The company operates through a mix of large-format stores, smaller specialty locations and an e-commerce platform, offering national and private-brand merchandise from major consumer-technology manufacturers as well as third-party sellers.

Beyond product retailing, Best Buy provides a suite of services aimed at installation, repair and ongoing technical support.